Benchmark Initiates Coverage on Boyd Gaming (NYSE:BYD)

Equities researchers at Benchmark assumed coverage on shares of Boyd Gaming (NYSE:BYD) in a note issued to investors on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $100.00 price target on the stock. Benchmark’s price target suggests a potential upside of 15.70% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Citigroup lifted their price target on shares of Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Morgan Stanley reiterated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Weiss Ratings raised shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 4th. Barclays lowered their price target on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research report on Friday, April 24th. Finally, Mizuho cut their price target on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.69.

Boyd Gaming Trading Up 0.1%

Shares of NYSE:BYD opened at $86.43 on Monday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $6.42 billion, a PE ratio of 3.79, a P/E/G ratio of 2.02 and a beta of 1.08. Boyd Gaming has a 12-month low of $76.33 and a 12-month high of $89.96. The business’s fifty day simple moving average is $84.66 and its 200-day simple moving average is $84.35.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). The company had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. Boyd Gaming’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 EPS. As a group, equities research analysts predict that Boyd Gaming will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming announced that its board has approved a stock repurchase program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 62,914 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the transaction, the chairman directly owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the transaction, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 200,000 shares of company stock valued at $17,038,987. 22.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors have recently made changes to their positions in BYD. Altshuler Shaham Ltd purchased a new stake in Boyd Gaming during the fourth quarter worth $25,000. Los Angeles Capital Management LLC purchased a new position in Boyd Gaming in the fourth quarter valued at $25,000. Advisors Asset Management Inc. increased its holdings in Boyd Gaming by 56.8% in the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after buying an additional 196 shares in the last quarter. First Horizon Corp acquired a new position in shares of Boyd Gaming in the fourth quarter worth about $41,000. Finally, Bessemer Group Inc. raised its position in shares of Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after acquiring an additional 203 shares during the period. 76.81% of the stock is owned by hedge funds and other institutional investors.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.